Cryptocurrency Price on May 8: Bitcoin slips below $62,500; Solana, Dogecoin fall decline

Cryptocurrency markets witnessed a downturn in Wednesday’s trading session, with Bitcoin, Ethereum, Solana, and Dogecoin leading the decline. The global cryptocurrency market cap also decreased by 1.8% to approximately $2.3 trillion within the last 24 hours.

As of 12:25 p.m., Bitcoin was trading 1.6% lower at $62,490, while Ethereum experienced a 1.7% drop to $3,017. Additionally, altcoins like Solana (-4.8%), XRP (-3%), Dogecoin (-4,.4%), Shiba Inu (-3%), Avalanche (-5.7%), and Internet Computer (-3.5%) followed suit in the downward trend.

“Markets kept hitting lower for the second day in a row after BTC failed to cross the $65k mark a couple of days back. The next immediate line of support for BTC stays around the $62k mark, which if breached, could take the price back to the recent lows of $57k,” said CoinSwitch Markets Desk.

Meanwhile, Rajagopal Menon, Vice President at WazirX, said, “The persistent selling pressure has raised concerns about a potential price decline towards the critical $58,000 support zone. While this level has historically acted as a strong floor for Bitcoin, a further drop cannot be entirely discounted.”

“Bitcoin’s long-term gains can be projected for September aligned with the possibility of a 25 bps rate cut by the Feds. Though there is no clarity on the same based on current market conditions, further update on rate hikes will impact Bitcoin’s long-term price,” Rajagopal said.The volume of all stablecoins is now $59.06 billion, which is 91.69% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.Within the same timeframe, Bitcoin’s market cap declined to $1.228 trillion, with BTC volume falling by 16.6% to $25.47 billion.”BTC support now lies at the $61,500 level and the resistance is at the $64,500 level. We are likely to see a range-bound trading for a few days as Bitcoin has not acquired enough strength to make an upward move,” said Edul Patel, CEO of Mudrex.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)